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Natalka [10]
3 years ago
6

Utica Company’s net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash sales for

2017 were $100,000. The accounts receivable turnover for 2017 was 5.0, which was computed from net credit sales for the year.
Required: What was Utica's total net sales for 2017?
Business
2 answers:
dexar [7]3 years ago
8 0

Answer:

Total Net Sales = $1475000

Explanation:

Average Accounts Receivables = (250000 + 300000) / 2

Average Accounts Receivables = 275000

Accounts Receivables Turnover = Credit sales / Average Accounts Receivables

So,

5 = Credit Sales / 275000

5 * 275000 = Credit Sales

Credit Sales = $1375000

Total Sales = Credit Sales + Cash Sales

Total Sales = 1375000 + 100000 = $1475000

max2010maxim [7]3 years ago
5 0

Answer:

$1475000

Explanation:

accounts receivables turnover = \frac{credit sales}{average net accounts  receivable}  --- equation 1

accounts receivables turnover = 5

average  accounts receivable = ( accounts receivable in 2016 + accounts receivable in 2017) / 2

average accounts receivable = \frac{250000 + 300000}{2} = \frac{550000}{2} = $275000

back to equation 1

credit sales = accounts receivable turnover * average accounts receivable

                    = 5 * 275000 = $1375000

Utica's total net sales for 2017

credit sales + cash sales

= $1375000 + $100000

= $1475000

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Solution

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